Why Pinduoduo Shares Are Getting Hammered Today

Pinduoduo Inc - ADR PDD shares are trading lower by 11.55% to $53.78 Monday morning. Shares of several Chinese companies at large are trading lower amid a resurgence in COVID cases which has caused the closure of Macau casinos.

Shanghai health officials said on Sunday that the city reported its first case from a new Omicron subvariant, triggering new rounds of mass testing and targeted lockdowns.

Meanwhile, all commercial and industrial businesses in Macau will be shut for at least a week from Monday as the authorities of China's special administrative region race to curb the surge of COVID-19 infections in the world's biggest gambling hub, Reuters reported... Read More

According to data from Benzinga Pro, Pinduoduo has a 52-week high of $114.88 and a 52-week low of $23.21.